According to new data from Italy’s financial watchdog, Consob, the number of Italians owning cryptocurrencies has more than doubled from 2022 to 2024. This shows a big rise in interest in digital assets among Italians.
But just because more people are investing in crypto doesn’t mean they fully understand it. A recent survey of over 2,000 Italian investors revealed that most of them get their investment information from the internet. Television comes in second, while social media and financial websites are tied for third. Surprisingly, newspapers—both print and online—are more trusted than advice from financial institutions.
Financial Decision Makers Are Mostly Older Men
Consob’s data also shows that social media is a key source of financial info for younger people, women, those with lower incomes, and those less familiar with finance. However, it doesn’t heavily influence their final investment choices, with only 3% of people relying on social media for major decisions.
In most households, the person making financial decisions is typically the highest earner and is usually a man around 51 years old. When it comes to investing, most Italians (81%) are more focused on preserving their money rather than growing it (55%).
Italy to Tighten Crypto Regulations
Italy is also stepping up its regulation of the crypto market. In June, the country announced plans for stricter rules and hefty fines for things like market manipulation.
The Italian central bank is working on guidelines to follow the new EU Markets in Crypto Assets (MiCA) law, which will be in effect later this year. The new rules will impose heavy fines, ranging from $5,400 to $5.4 million, for offenses such as insider trading, market manipulation, and leaking confidential information.